AWR Lloyd conducted a detailed historical analysis of return on invested capital (ROIC) in the oil trading, marketing and distribution, storage and terminals, E&P and olefins sectors amongst peer listed companies for an Asian oil and gas group. The study looked at three, five and ten year periods and divided the peer analysis in quartiles. The analysis was then compared to cost of capital thresholds to assess value-creation metrics. The objective was to study the client’s relative performance and to see what it could learn from the best performers and the worst performers in each area.